Allbirds ( NASDAQ: BIRD ) fell in after-hours trading on Monday after the retailer cut its full-year guidance and announced cost-savings efforts due to a slowdown in consumer spending.
A cautious outlook from Allbirds ( BIRD ) on consumer spending prompted management to cut its workforce by about 8% and slow the pace of new hiring.
For the full year, Allbirds ( BIRD ) anticipates revenue of $305M to $315M vs. a prior view for $335M to $345M and the consensus mark of $340M. BIRD also expects adjusted gross profit of $150.0M to $157.5M and an adjusted EBITDA loss of $42.5M to $37.5M.
Shares of Allbirds ( BIRD ) shed 9.70% in after-hours trading to $5.12.
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Allbirds falls after slashing full-year guidance, cutting workforce